Emaar to invest in Indian market
April 13- Emaar Properties is hoping to revive its hospitality sector plans for the Indian market where it already has a presence through a joint venture company, Emaar MGF, it was learnt through reports published in Indian newspapers. In this regard, Shravan Gupta, Vice-Chairman, Emaar MGF, pointed out that the group‘s hospitality plans for the Indian market were temporarily shelved but “now, with the market showing clear signs of recovery, we are revisiting some of those plans.” Similarly, Mohamed Ali Alabbar, Chairman of Emaar Properties said that "we are very bullish on the India market for our hospitality business and together with our partner, are in the process of identifying a viable site to launch Armani hotels."
Meanwhile, a spokesperson for the company said that “Emaar MGF is currently in the process of launching its initial public offering (IPO) and all information relating to the company has been stated in the Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India. As required under Indian regulations, no additional information can be provided until the completion of the IPO."
Emaar Properties is the group responsible for building the tallest tower in the world -- the Burj Khalifa in Dubai. Besides the UAE and India, Emaar also has a presence in Egypt, Turkey, Morocco, Jordan, the US and Pakistan.
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